EAST PEORIA — Standard and Poor’s upgraded East Peoria’s bond rating from A+ to an AA-.

City Administrator Tom Brimberry said city officials refinanced some bonds, which led to the better rating.

“Investors want quality and many cities experienced downgrading in credit ratings from A to BBB,” Brimberry said. “East Peoria upgrading from A+ to AA- was a meaningful change.”

According to S&P’s website, “credit ratings are forward-looking opinions about credit risk. Standard & Poor’s credit ratings express the agency’s opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time.”

Brimberry said these ratings are done as often as every two years.

In the instance of East Peoria’s most recent rating, Brimberry said Miller, Hall & Triggs, the city’s attorney, brought up that $18.5 million in bonds could be refinanced.

The city issued bonds, or a loan document, for infrastructure work in the Levee District in 2010. Morton Community Bank purchased those bonds and sold some of them to investors.

“Usually bonds are sold in the marketplace. That market can include private investors as well as banks,” Brimberry said.

Brimberry said by refinancing the bonds, the city will save about $2.3 million over the next 18 years. Most bonds are for 20 years, he said.